Cardless cash withdrawal coming to a lot more ATMs, eventually

Getting cash out of an ATM could be getting a bit easier. Finance technology company Fidelity Information Services and ATM provider Payment Alliance International have announced that they will be bringing Touch ID to 70,000 ATMs across the United States.

The partnership will allow customers to use the FIS Cardless Cash app on select PIA ATMs. The system currently allows customers to make a withdrawal from their phone through the app by making a withdrawal online, using a QR code to retrieve their reserved cash. This new partnership will allow customers to authenticate themselves with Touch ID to confirm the withdrawal and retrieve their money.

The two companies didn’t release a timeline for when these upgrades would be rolled out, but they join a growing number of banks that have begun to utilize mobile phones in their processes. Earlier this year, JP Morgan Chase and Bank of America, and Wells Fargo announced that they would be making their ATMs Apple Pay-Compatible  in the coming years.

Aside from the convenience factor, there’s a significant security advantage with this type of banking. Card skimmers have become more sophisticated in recent years, and this system appears to be an ideal way to avoid having your information stolen. Moving these transactions online could carry its own risks.

Still, when this network is eventually rolled out to consumers, it can certainly make the trip a bit more convenient.

Source by theverge…

loading...

About rajtechnews